Accuity, the global financial crime compliance, payments and KYC solutions provider, announces the launch of Bankers Almanac Sanctions View. The new proposition allows financial institutions to gain a comprehensive and holistic view of their financial counterparties – including their ownership data together with any sanctions risk – to help them perform their KYC due diligence faster and easier. Algorithms that use Bankers Almanac’s extensive data, sourced from more than 50 regulatory bodies, against the details of over 23,000 banks, establish a strength score on the potential risks posed by counterparties.
Since the financial crisis, regulators across the world have continued to ramp up the pressure on financial institutions to know their customers and any indirect risks associated with them, for example, from nested relationships. This has led to compliance teams having to sift through reams of complex intelligence, regulatory data and lists, which is often done manually.
Bankers Almanac Sanctions View deploys advanced algorithms that enable financial institutions to gain insight into the risk networks of their counterparties and identify any sanctioned entities within those networks, in order to provide a greater degree of certainty as to who their customers’ owners and subsidiaries really are. In addition, the service assesses risks to current or prospective counterparties from a single source.
Patrick Hinchin, Senior Director, Product Management, Accuity, commented: “In a data-rich age, where business structures are becoming increasingly sophisticated, complex and global, financial institutions are facing an uphill struggle to know who their customers really are and meet their KYC burden. The sophisticated algorithms used in the Bankers Almanac Sanctions View simplify and potentially reduce the cost of financial counterparty KYC. The move is all part of Accuity’s ongoing mission to give its clients a complete view of their financial counterparties so that they can decide quickly and efficiently if they can do business with them.”